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FSA’s Nicoll stresses RDR will go ahead

FSA director of conduct risk Sheila Nicoll helped launch the Aifa Fast Forward business transition academy today by stressing that the FSA is committed to seeing the RDR through.

In her first day in the job Nicoll told attendees at the launch that IFAs hoping the RDR will fall through will be disappointed.

She said: “We now have a little over three years until the end 2012 deadline for the RDR changes. I know that there are still some who hope this will not happen, but I must stress that the FSA is committed to maintaining momentum and delivering against our objectives.

“We welcome the fact that Aifa is clearly awake to this and is emphasising that IFA businesses can prosper as a result of these changes.”

Aifa FFWD is an interactive website, developed in conjunction with Skandia, that aims to help IFA firms transition to an RDR-compliant business model.

Shadow financial secretary to the Treasury Mark Hoban, who also spoke at the launch, said: “We want to see the IFA sector grow. There is a huge pent-up demand for good quality advice and I think these changes to the industry are going to increase that demand.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. STRESS LEVELS
    So now we have heard it from the horse’s mouth. Mark Hoban is as mad as the rest of the F Pack. When will someone in power realise that the RDR is a disaster waiting to happen. Sheila Nicoll got it right when she said “I must stress that the FSA is committed to maintaining momentum and delivering against OUR objectives” It is the FSA, not the industry ,not the consumer ,who will ultimately end up paying for the changes who want the RDR to go ahead so they can get rid of all the troublesome little advisers and hand control over to their bank buddies who, unlike advisers,really do not give a **@*@ how many complaints they get. Come on advisers get out now before the RDR & lets see what will happen. Instead of wasting time & money on level 4 6 or whatever exam level they decide next use the same time & money to retrain as something else. Anything has to be better than the abuse we have to take from these nutters.

  2. We shall see…
    ….discrimination, anti-competitive…we shall see what we shall see

  3. Is it right that the FSA cannot legally stop existing qualified advisers from trading only newly qualified entrants as existing advisers passed the qualification necessary under the “old” rules and they cannot retrospectively apply the changes (a QC told me this)

  4. I have already been trained in another profession and it involves guns. Would the FSA prefer me to go back to that as I can think of better targets now than there were in 1991 and 2003!

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